Chief executive officer Kevin Barry said the decline in the price of precious metals continued into 2014, hitting the drilling products market in which the company operates, particularly in relation to third party product.

"This weakness, combined with the significant devaluation of certain key currencies in which we trade, has impacted upon the group's result for the period resulting in a 15% decline in revenue and 21% decline in profit attributable to shareholders," he said.

The group also announced that its chairman, Peter Lynch, has been appointed to an executive role in the company and as such will step down at the annual general meeting on Friday 22 August.

His role will be taken up by senior independent director Padraig McManus.

The group also announced that it has acquired 65% interests in two distribution companies and a 60% stake in a manufacturing company, which together is expected to "increase and diversify" the group's product portfolio by giving it an offering in the rotary blast hole drilling industry and extending its distribution network.

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